Archive

22 May Approved

In fire insurance, “approved” usually signifies that the construction, equipment, preventive, and protective devices meet established requirements for insurance. In many cases, "approved" construction will reduce insurance premiums....

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22 May Appraisal

The determination of a property’s value or the extent of damage by impartial experts. Many property insurance policies allow for "appraisal" if the company and the insured don’t agree on the amount or extent of a loss....

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22 May Application

A request to a company for a policy. The application is a conditional offer to buy. If the medical examination and the inspection are in order, the company usually accepts the offer. It may be the policy named in the application or, if the applicant...

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22 May Annuity

A contract in which the buyer deposits money with a life insurance company for investment. Annuities provide specific payment amounts at regular intervals for a fixed period or for life...

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22 May Agent

An individual who solicits insurance for one or more carriers. Agents may perform other functions, such as issuing policies. Agents of a direct writer are sales employees of only one company....

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